Kennametal has initiated a restructuring program to control cash flow by continuing temporary shutdowns and reduced production schedules at its facilities to match customer demand.
Adding to decreased production levels, the company also plans to temporarily reduce its employees’ salaries by 10-20pc based on job levels to help the firm save up to $10-15mn per quarter the company said in a press release.
The US-based manufacturing solutions provider expects economic distress to continue and the above changes will help the firm to reduce structural costs and improve the of its commercial functions and manufacturing operations moving forward.